Daily Mining Profits

[Bigbacon]

I will look into it. Thanks.

I need to redo my windows install anyway since im consolidating machines.

Edit:
It costs $ after 2 miners though.

 

[Bassman99]

I am hoping that mining profits and BTC value go back up soon

 

[vegeta535]

I am hoping that mining profits and BTC value go back up soon

Not anytime soon. I am shutting it down for now myself.

 

[Bigbacon]

so I just realized NHQM had an efficient optimization which....with my 1080tis dropped the wattage of each card down 50 to 60 watts (200-210 down to 150-160) and dropped the hashrate of each card about 3 to 4. So is an extra 15 to 20 hash rate worth the extra 250 watts?? I'm thinking no...I tried to optimize one card manually to see if I can get hash rate up 1 or 2 with watts going up a little bit but I couldn't make it work.

so 41 to 42 hash rate was normally 200-215 watts, its not 37-38 at 150 watts.

 

[BassTek]

I’ll keep mining until it drops below the cost of power. I get the same amount of eth regardless of the price so it makes sense to keep mining until it’s cheaper to buy it outright rather than pay for the power.

I guess if you are getting ready to dump cards while they are still scarce then it makes sense to stop. I’m trying to decide when I should do that.

 

[Bigbacon]

I’ll keep mining until it drops below the cost of power. I get the same amount of eth regardless of the price so it makes sense to keep mining until it’s cheaper to buy it outright rather than pay for the power.

I guess if you are getting ready to dump cards while they are still scarce then it makes sense to stop. I’m trying to decide when I should do that.

also, as people leave, total hashrate drops which means everyone mining gets a little more coin. So when it does go up, you'll have more coin overall.

 

[Andrew_Carr]

Anyone know what happened yesterday, and how we keep this up? lol

[Edit: Looks like NFTs again]

 

[skiddy]

Yeah my daily average went from $9-10, up to $16 yesterday (and now back down to normal). Not sure what happened tbh.

 

[Bigbacon]

Yeah my daily average went from $9-10, up to $16 yesterday (and now back down to normal). Not sure what happened tbh.

as above your post, NFT stuff was pushing everything up. the actual profits weren't as high though.

 

[Zedicus]

why do people (smaller home miners) stop mining when its 'not profitable'? are you cashing out to USD every day? or what? I try to mine the most when it is either low or not profitable because i get more coins for my hash power, then when the price goes up i am that much more ahead. plus mining at a loss helps with taxing.

 

[Andrew_Carr]

why do people (smaller home miners) stop mining when its 'not profitable'? are you cashing out to USD every day? or what? I try to mine the most when it is either low or not profitable because i get more coins for my hash power, then when the price goes up i am that much more ahead. plus mining at a loss helps with taxing.

I would have to run the math and see if it makes sense, but you're basically switching from a business into an investment at that point. If you can spend $1,000 on electricity and get 10,000 coins, or spend $1,000 on buying coins and only get like 5,000, then in that case maybe it would make sense if you believe in it from an investment standpoint. The nice thing is that if you form a business at least you can write-off that loss on your taxes, although you'd end up paying capital gains if the coins appreciate and you held on to them long-term. But from a business standpoint it doesn't really make sense.

 

[obs]

I would have to run the math and see if it makes sense, but you're basically switching from a business into an investment at that point. If you can spend $1,000 on electricity and get 10,000 coins, or spend $1,000 on buying coins and only get like 5,000, then in that case maybe it would make sense if you believe in it from an investment standpoint. The nice thing is that if you form a business at least you can write-off that loss on your taxes, although you'd end up paying capital gains if the coins appreciate and you held on to them long-term. But from a business standpoint it doesn't really make sense.

Still doesn’t make sense unless your long term view of ethereum is that it is going to 0. Profitability in USD is determined when you sell, not when you mine.

 

[BassTek]

Still doesn’t make sense unless your long term view of ethereum is that it is going to 0. Profitability in USD is determined when you sell, not when you mine.

I think the point is that when the power cost to mine is more than buying the coin directly it just makes more sense to turn off the rig and use your power budget to buy coins. You will get the same or more amount of coins so it doesn’t make sense to mine at that point.

If you are a business and claim power as expenses then it makes more sense to keep mining in a down market but even then there is probably a limit.

 

[Zedicus]

So even if you are not a business, when you mine at a loss, that negative at payout comes out of what you mine at a profit, By the end of the year. Unless you manage to mine an entire year at a loss as an individual. But i would imagine the tax laws changing agian by 2023.

 

[atp1916]

I certainly wouldn't be (currently) mining if a bucks worth of electric gained less than a bucks worth at spot prices.

Only got as much faith in the system as I can mine

 

[obs]

I think the point is that when the power cost to mine is more than buying the coin directly it just makes more sense to turn off the rig and use your power budget to buy coins. You will get the same or more amount of coins so it doesn’t make sense to mine at that point.

If you are a business and claim power as expenses then it makes more sense to keep mining in a down market but even then there is probably a limit.

I can see that point, but by my math, Eth prices would need to be well under $1k to be unprofitable.

Daily output according to whattomine for a single 3090:

Output: 120MH/s
Energy: 300w
Revenue: 0.001677 eth
Power cost: $0.80 (7.2 kwhr @ $0.11)
Eth cost: $3k

That would make breakeven eth price of $477. If your power costs are really high like CA (closer to $0.22) that would make breakeven closer to $1k.

 

[BassTek]

I can see that point, but by my math, Eth prices would need to be well under $1k to be unprofitable.

Daily output according to whattomine for a single 3090:

Output: 120MH/s
Energy: 300w
Revenue: 0.001677 eth
Power cost: $0.80 (7.2 kwhr @ $0.11)
Eth cost: $3k

That would make breakeven eth price of $477. If your power costs are really high like CA (closer to $0.22) that would make breakeven closer to $1k.

You are correct, it’s way too early to turn off rigs at this point. My post was more directed at if/when ETH hits the $500 mark that you calculated.

 

[legcramp]

Profitability is insane right now...

 

[Bassman99]

Im in Cali and still mining

 

[Bigbacon]

Im in Cali and still mining

Me too, 11 bucks a day is a 11 bucks a day.